Pain At The Pump As Fuel Prices Set To Rise In August Review

[PHOTO/ COURTESY]

Fuel prices are set to rise in the August 2020 review that is set to be announced tomorrow, August 14 by the Energy and Petroleum Regulatory Authority (EPRA).

According to reports by Business Daily, pump prices for Petrol and Diesel are set to increase by Ksh3.32 and Sh2.57 per litre respectively.

This will see the prices shoot to Ksh103.80 per litre in Nairobi from the current Ksh100.48 for petrol and Ksh94.44 for a litre of diesel, up from Ksh91.87.

The government attributes the rise in prices to recovery in crude oil prices, which increased the cost of imported refined fuel.

The government also increased the petrol levy to Ksh5.40 from Ksh0.40, representing a 1,250 percent rise, which will see the government collect Ksh2 billion every month.

The shoot in prices is based on average crude prices of $42 a barrel.

The current fuel prices are based on the crude cost of $36.34 in June, representing an increase from $23.55 posted in May and $17.64 April.

This means that a litre of diesel will have gained Ksh19.87 since May while petrol has increased by Ksh16.10.

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